Investopedia definition => A tendency for the winning bid in an auction to exceed the intrinsic value of the item purchased.
While the US sees a lot of hostile take-overs, we barely see one every few years. The last one that made big news was the take over of Great Offshore. ABG Shipyard and Bharti Shiyard were involved in a prolonged battle before Bharti Shipyard won the battle. But as the relative comparison of returns by the two stocks from day of end of battle indicates, its ABG Shipyard that actually won the War.
Since Indian laws do not require 100% of the equity to be tendered or to be accepted, those who remained with the GT Offshore seem to have done even worse.